"But you will always have up to three days prior to the closing to exercise that put. "With respect to that one thing that we would like, and I have expressed this and I will say it on the record, we would like that put" - i.e., the option to exclude from the sale, if it is exercised - "not to be exercised for a period of time so that people can go meet the editorial staff so that they can understand why they may think you want to take it before you exercise that put," Galardi said, according to a transcript of the auction. He suggested that Univision should not make a final decision about the site until next week. Univision can exercise this option up to three days before the sale closes.ĭuring the auction, Gawker's attorney Gregg Galardi made clear to Univision that Gawker wanted Univision to meet with the editorial staff before deciding whether to acquire. As a result, the terms of the proposed deal gave Univision the option to exclude from the list of Gawker Media assets that it is purchasing.
During the Tuesday auction, Univision indicated that it might not be interested in acquiring. The shutdown of is not entirely surprising. The acquisition agreement is expected to be approved by a bankruptcy judge later Thursday.
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